Home equity loans/refinancing

Property owners who have equity within their properties can release this money through extending their current mortgage or taking out a new mortgage.  The money can then be used to fund property level flood resilience measures.

Equity release can be in the form of an additional income, a cash lump sum, or both. The Money Advice Service gives you information on how the different types of equity release scheme work and what you should expect from firms that sell them.

This is quite a quick process, taking only months between making a decision to mortgage or re-mortgage and having flood resilience measures installed.

Reaching Communities Fund

This Big Lottery Fund covers equipment costs, building and engineering works, purchase of land and equipment and legal fees. Community groups must apply for the funds, which are a minimum of £10,000. This fund does not cover routine repairs, maintenance or general improvement to public areas.

Awards for All England (Lottery)

Grants between £300 and £10,000 can be applied for by communities to put on an event, buy equipment, run training courses, set up a pilot project or group, carry out repairs or conservation work, pay volunteer expenses and transport costs. The grant must be used within 1 year.

Community Foundation

This needs to be led by the local community and aims to benefit the whole community. The grant size is variable but is likely to be less than £10,000.

Community Development Finance Institution (CDFI)

This is a loan granting mechanism. Community Development Finance Institutions provide loans where banks have refused credit. Their website lists loan providers who consider individuals, businesses, charities or social enterprises. The level of funding provided depends on individual circumstances. Funds can be released quickly.

CEMEX Community Fund

A community group has to apply for this fund. The project seeking funding must be located within 3 miles of a CEMEX operation and 10 miles of a landfill site. Grants are available for £1,000 to £15,000.

Charitable Trusts

A Charitable Trust can be established with the specific purpose of dealing with and managing contributions for a particular cause or project. The Trust does not procure funds, but it is a mechanism for obtaining, holding and administering funds. Funds can be collected from the community/general public and is administered and allocated by the Trust. The community members will need to set up the Trust, involving substantial time and commitment. The Trust would then need to raise the funds required and long-term involvement would be needed.